HomeMy WebLinkAboutReso 007-97 Defer Comp/ICMARESOLUTION NO. 7 - 97
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AMENDING AND RESTATING THE CITY'S DEFERRED COMPENSATION PLAN
IN THE FORM OF THE ICMA RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN AND TRUST
WHEREAS, the City of Dublin (EMPLOYER) has employees rendering valuable services; and
WHEREAS, the Employer has established a deferred compensation plan for such employees that
serves the interest of the Employer by enabling it to provide reasonable retirement security for its
employees, by providing increased flexibility in its personnel management system, and by assisting
in the attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the continuance of the deferred compensation plan
will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require changes to
the structure of and allow enhancements of the benefits of the deferred compensation plan:
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby amends and restates the
deferred compensation plan (the "Plan") in the form of the ICMA Retirement Corporation Deferred
Compensation Plan and Trust (Trust).
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer
serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose. The trustee's beneficial ownership of Plan assets
held in the Trust shall be held for the further exclusive benefit of the Plan participants and their
beneficiaries.
BE IT FURTHER RESOLVED that the Plan will not permit loans
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the plan
PASSED, APPROVED AND ADOPTED this 18th day of February, 1997.
Councilmembers Barnes, Burton, Lockhart and Mayor Houston
AYES:
NOES: None
ABSENT: None
ABSTAIN: Councilmember Howard
gSagenda~resos\defcomp.~oc~y Clerk~"~
K2/g/2-18-97/reso-dc. doc
Mayor